Canada: GDP stalls in October vs. 0.2% expansion expected
|- Canadian economy stalled in October for the third consecutive month.
- USD/CAD stays around 1.3270 after economic data from the US and Canada.
Statistics Canada reported on Friday that Real Gross Domestic Product (GDP) “was essentially unchanged for a third consecutive month in October. Services-producing industries edged up 0.1%, while goods-producing industries were essentially unchanged, with the 20 industrial sectors evenly split between increases and decreases.”
The reading came in below the market expectations of a 0.2% expansion. In September, the economy also stalled (revised from a 0.1% expansion).
The advance estimate indicates that real GDP edged up 0.1% in November 2023. The following GDP report will be released on January 31.
Market reaction
The USD/CAD remained around 1.3270 after the release of the Canadian GDP and US economic data that included the Core Personal Consumption Expenditure (Core PCE) and Durable Goods Orders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.